Cairo – Mubasher: Tax revenues in Egypt’s general budget surged 31.8% year-on-year in fiscal year 2016/2017, minister of finance Amr El-Garhy said in a press conference on Tuesday.
Tax revenues stood at EGP 464.4 billion in FY16/17, up from EGP 352.3 billion in the prior fiscal year, El-Garhy highlighted.
Non-tax revenues rose 30.6% to EGP 177.1 billion in FY16/17, versus EGP 135.6 billion in FY15/16, he continued.
The minister noted that total Revenues in Egypt’s general budget grew 34% to EGP 659.2 billion in FY16/17 from EGP 491.5 billion for FY15/16 budget.
Egypt is implementing an economic reform programme in coordination with the International Monetary Fund (IMF), under which it will obtain a $12 billion loan. The government received the first tranche worth $2.75 billion in November 2016.
